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Strategic Management

S/M/67. What are the uncertainties facing firms when making strategic decisions? Describe using brief examples how firms can cope with these uncertainties.

WORDS:
3000
DATE:
2004
PRICE:
39.99 GBP

This paper addresses a wide range of issues in strategic management. First, it compares the different types of complexity firms face in the external environment and how they can react to these. Indeed, firms face increasingly complex and unpredictable external environments. In some instances firms may still be able to predict outcomes, for example, how popular demand will be for the release of a new product based on sales of similar products. However, there are other periods in which the external environment is so unpredictable that is not simply unknown, but unknowable. The effect of the Internet and e-business on the retail sector is a prime example, showing how firms were completely unaware of the extent to which this would affect their business. Second, it addresses the different ways in which firms make strategic decisions to overcome these external forces. Finally, it illustrates how different approaches to strategic management guide firms in their strategic decision making process. Indeed, there have been changes in the way people think about strategic management in general. Firms and academics accept that Porters view of establishing either a low cost, differentiated or focus based strategy will not necessarily lead to a firm achieving the best position in an industry. Rather, firms must also consider how resources (the resource-based view of the firm) and relationships with other firms (the relational-based view of the firm) help them achieve competitive advantage.

 

KEYWORDS: uncertainties, facing, firms, strategic, decisions, describe, using, brief, examples, firms, cope, uncertainties,

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